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Table 7 Long-run estimation results for sub-samples using WTI

From: Business confidence as a strong tracker of future growth: is it driven by economic policy uncertainty and oil price shocks in the OECD countries?

Regressors

Eurozone

Non-Eurozone

Symmetry

Asymmetry

Symmetry

Asymmetry

\(oil\)

−0.0014

(0.0020)

 

−0.0043***

(0.0010)

 

\({oil}^{+}\)

 

−0.0009

(0.0020)

 

−0.0047***

(0.0010)

\({oil}^{-}\)

 

0.0003

(0.0020)

 

−0.0068***

(0.0010)

\(epu\)

−0.0187***

(0.0029)

−0.0188***

(0.0029)

−0.0167***

(0.0022)

−0.0166***

(0.0022)

\(int\)

−0.0009

(0.0006)

−0.0009

(0.0006)

−0.0024***

(0.0007)

−0.0024***

(0.0007)

\(unm\)

−0.0001

(0.0004)

−0.0001

(0.0004)

−0.0019*

(0.0010)

−0.0019*

(0.0011)

\(c\)

4.7045***

(0.0215)

4.6993***

(0.0214)

4.7216***

(0.0140)

4.7298***

(0.0140)

Diagnostics

Wald Chi-sq

89.55***

[0.0000]

1055.49***

[0.0000]

96.19***

[0.0000]

2090.39***

[0.0000]

RMSE

0.0112

0.0112

0.0063

0.0063

Obs

3888

3888

2673

2673

  1. Values in brackets are standard errors, while those in parentheses are probabilities. *** and * indicate significance at 1% and 10% critical levels, respectively